On January 1, 2023, the stock holders of bramble and blossom agreed to a consolidation. because FASB requires that one party be recognized as the acquirer and the other as the acquiree, it was agreed that bramble was acquiring blossom. Bramble agreed to issue 66,000 shares of its $10 par stock to acquire all the net assets of blossom at a time when the fair value of bramble's common stock was $15 per share. On the date of consolidation, the fair values of blossom's current assets and liabilities were equal to their book values. The fair value of plant and equipment was however, $472,000. Bramble will incur $66,000 of direct acquisition costs and $19,800 in stock issue costs. prepare the journal entries on the books of bramble to record the acquisition of blossom company's net assets. Bramble Blossom Current assets 594,000 280,500 Plant and equipment (net) 1,485,000 462,000 Total Assets 2,079,000 742,500 Total liabilities 313,500 115,500 Common stock, $10 par value 1,155,000 528,000 Other contributed capital 412,500 174,900 retained earnings (deficit) 198,000 -75,900 Total liabilities and equities 2,079,000 742,500